Advantages And Disadvantages Of Fauji Cereals

| Used to keep track of all the financial transaction in a business such as all items purchased, all bills paid, and all payroll calculations

Computer based cash registers: Such systems automatically record various types of relevant data. Examples include employee codes, items and quantity purchased, totals due, type of

It follows a strong internal control system for cash. A separate person is appointed to approve all purchases, payroll and any disbursement of cash. At the end of each month company prepares bank reconciliation statement to reconcile cash book balance and bank statement balance. Company keeps proper inventory record system. All these prevent frauds and ensure smooth functioning of the business.

Operations is separate from the accounting department. The employees in operations handle promoting the products. Also, Operations is in charge of making the products. The company’s accounting system is handled in-house by the cashier and the bookkeeper and by the accounting firm hired to handle the businesses’ financial reporting. The cashier handles all sales through the register. The register is balanced against the drawer each night by the bookkeeper and a deposit made the same day. The bookkeeper gives the accountant the drawer receipts and bank receipts for journal entries and later reports. The accountant checks all cash received and payments made against bank statements and collected paperwork. There is not a single person assigned to do all duties.

* Documents used: customer order, sales order, shipping document, sales invoice, sales journal, remittance advice, bank deposit list, cash receipts jornal, credit memo, sales return and allowance journal, uncollectable account authorization form, a/r master file, a/r trail balance, monthly statement

The process requires Peyton Approved to discover how much inventory is sold and what the cost of goods will result in. The process requires the business to review three forms of merchandise inventory to determine which summary benefits the business’s operational behavior. One will discover when assuming that first inventory purchased by the store is the first to be sold, it is determined that the FIFO method displays the best financial outcome for the business. During the process of updating journal entries, one must enter the information proved appropriately into the T-accounts to add the balance under each record. Once the T-accounts for transactions and adjusted transactions are balanced, the next step is to enter the information provided on the balance sheet. The balance sheet will list Peyton Approved assets, liabilities and stockholders equity after added during the T-account process (Nobles, 2014). Once the balance sheet is completed the income statement, statement of retained earnings, and closing entries can be filled with the information proved. This will give the business a full review from journal entry to closing entries of the business for the six month accounting

Review credit memoranda for sales returns and allowances through the last day of fieldwork to determine if an adjustment is needed to record the items as of year-end

1996 Current Assets: Cash & Equivalents Marketable Securities AFS Accounts Receivable Inventory Other Current Assets Total Current Assets Property & Equipment, net Goodwill, net Other Total Assets Current Liabilities: Short-Term Borrowings Accounts Payable Accrued Expenses Income Taxes Payable Current Maturities of LT Debt Total Current

Accounts Receivable, Other Receivables, Allowance for Doubtful Accounts, Bad Debt ExpenseInventories and Reserve for Inventory Obsolescence

The company should also focus on the segregation of duties in the organization so as to have proper distribution of the duties. The company should also focus on managing the cash properly. The company should also focus on prenumbering the documents and the check as it will help in reducing the likelihood of the unauthorized transactions and embezzlements, all the documents should be accounted in sequence periodically.

In terms of the confirmation of cash balances, what deficiencies can you identify in terms of the procedures

d. Trace the date, check number, and amount of outstanding item – Occurrence & Completeness. (AU-C 315.A114 a.i-ii)

The last one is the Balance Sheet which tells a person the lists of assets he has, the list of

After analysing the big picture of insurance circumstance, this chapter will discuss the main problems of EIIC in terms of structural operation and strategic operation in other to find the most critical fault and some assumed solutions to fix it.

The expenses tab displays a whole list of expenses your business has made through checks and/or credit cards. This could include payments to customers, bills, USPS, Fed-Ex, the IRS and more. Paying your bills through QuickBooks online or printing checks will reduce unnecessary data entry and increase productivity. The next tab is the employees tab which display the names, phone numbers and email addresses of the employees. It helps manage employee time using a weekly timesheet. Tracking employee work time in QuickBooks can help measure productivity and can prove to be valuable for job costing purposes. The next tab is the sales tax center and records your sales tax payments. The box will display the name of the business, the gross sales, taxable sales, tax amount, adjustments, payments and the balance of the business after sales tax is payed. You can record your tax payments and view reports of past expenses.